Universities Superannuation Scheme (USS) began operating in 1975 and is one of the largest private sector pension schemes in the UK with assets of over £50.2bn at 31 March 2016.
USS is the principal pension scheme for academic and comparable staff in UK universities and other higher education and research institutions with 354 scheme employers participating in the scheme.
USS Limited is the Corporate Trustee (the trustee) of the scheme and holds scheme assets on trust to apply them for the purpose of paying pensions and other benefits under the scheme rules. For more information about how the scheme is run can be found here.
USS has historically been a scheme which offers Defined Benefit (DB) pensions (comprising the now closed Final Salary and continued Career Revalued Benefits section). Since 1 October 2016 a new Defined Contribution (DC) section was introduced. As a result, USS is now DB/DC hybrid scheme. If you are a member of USS, you can find out more detail about the scheme on the USS website.
If you are a scheme member and would like details of your pension in USS please contact your HR department or USS directly. Contact details for USS can be found here.
Universities Superannuation Scheme (USS) are required to undertake an official actuarial valuation at least every three years. The next USS valuation date is 31 March 2017. More details on valuation activity will follow after that date.